Trump’scryptoplanssoundperfectonpaper—butwhat’sthecatch?CouldHarris’understatedapproachholdthekeytoasafer,smartercryptofuture?
Asthe2024U.S.presidentialraceentersitsfinalstages,bothDonaldTrumpandKamalaHarrisarerampingupeffortstowooagrowingbutoftenoverlookedgroupofvoters—cryptovoters.
Trump,withhisnewlylaunchedWorldLibertyFinancial(WLF)tokenandplansfora“Bitcoin(BTC)andCryptoAdvisoryCouncil,”haspositionedhimselfasavocalsupporterofcryptoanddecentralizedfinance.
Ontheotherhand,VicePresidentHarrishasquietlybegunoutliningpoliciesaimedatprotectingcryptoinvestors,particularlyinBlackcommunities,throughherOpportunityAgenda.
Let’sdivedeeperintowhatTrumpandHarrisareofferingtothecryptocommunity,howtheirpoliciesstackup,andwhatitmeansforvoterswhoarehopingtoseeclearerregulations—andmaybealittlemoredigitalcoinintheirpockets.
TableofContents
Trump’scryptocourtship
DonaldTrumphastransformedhisstanceoncryptoinawaythatspeaksdirectlytoakeygroupofvoters,acalculatedmovetotapintotherisinginfluenceofthecryptocommunityinAmerica.
ItallstartedinMaywhenTrump’scampaignbeganacceptingcryptodonations,anotablechangefromhisearlierskepticalviews.Thiswasfollowedbyseveralstrategicmovesaimedatconvincingthecryptocommunitythathe’stheircandidate.
ByJune,TrumppubliclythrewhissupportbehindBitcoinminers,expressinghishopethattheremainingBitcoinwouldbemined“righthereinAmerica”–akeymessageforthoseconcernedabouttheexodusofminingoperationstocountrieslikeRussiaandKazakhstan.
ButTrumpdidn’tstopthere.HisappearanceattheBitcoinConferenceinNashvilleattheendofJulymarkedacrucialmomentinhiscryptocampaign.
Standingbeforeapackedroomofcryptoadvocates,TrumpnotonlypromisedtoestablishanationalBitcoinreserveifelected—anunprecedentedmove—buthealsovowedtofireSECChairmanGaryGensler.
Thispromise,metwithastandingovation,struckachordwithcryptovoters,manyofwhomseeGenslerasanobstacletotheindustry’sgrowthduetohisfirmstanceonregulatingdigitalassetslikestocksandbonds.
ThecreationofanationalBitcoinreserve,pairedwithhispledgetoformaBitcoinandCryptoAdvisoryCouncil,sethimapartfromhisopponents,especiallyinapoliticalarenawhereothercandidateshaveremainedcautiousoncrypto.
Beyondpolicypromises,Trumphasalsomadehighlyvisiblegesturestoshowhissupportforcrypto.DuringacampaignstopatPubkey,aBitcoin-themedbarinNewYork,TrumpbecamethefirstformerU.S.presidenttousecryptocurrencyinatransaction,buyingadozenburgersusingBitcoin.
AtthecenterofTrump’scryptoeffortslieshispersonalproject,WLF,aDeFiplatformlaunchedinSeptember2024.Marketedasacryptobankwhereuserscanborrow,lend,andinvest,WLFisclearlydesignedtolurecryptovotersbyofferingthemsomethingtangible.
Theplatform’snativetoken,WLFI,wasintroducedwithmuchfanfare,aimingtoraise$300millionatavaluationof$1.5billion.Yet,theprojecthasstruggledtomeetitsambitiousgoals,withonly$12.9millionraisedsofar.
Morecontroversialisthetokenallocation—Trumpandhisfamilyarepoisedtoreceive75%ofthenetprotocolrevenue,raisingquestionsabouttransparencyandhowmuchoftheprojectisforthebenefitofitsusersversustheTrumpfamily.
WLFclaimstobeapolitical,yetthetimingandTrump’sheavyinvolvementmakeitclearthatthisisasmuchapoliticalplayasitisafinancialone.Theproject’sroadmapincludesboldpromises,butitsslowprogressandtheoutsizedfinancialbenefitsfortheTrumpfamilyhavesparkedskepticism.
Still,Trump’ssupportersviewtheprojectaspartofhisbroadernarrativeoffinancialindependenceandAmericaneconomicstrength,tiedneatlytohispoliticalmessaging.
Harris’scautiousapproachtocrypto
WhileTrumphastakenanaggressiveandhands-onapproachtowooingthecryptocommunity,KamalaHarrishaschosenamoremeasuredpath.
Harris,thecurrentVicePresident,hasnotmadecryptoacenterpieceofhercampaign,butrecentmovessuggestsheisawareofthegrowingimportanceofdigitalassetsandtheirimpactonvoters.
ThefirstrealsignsofHarris’approachcameduringaroundtableeventattheDemocraticNationalConventioninChicago,whereherseniorcampaignadviser,BrianNelson,shedsomelightonherpotentialpolicies.
NelsonmadeitclearthatHarrisintendstosupportpoliciesthatallowemergingtechnologieslikecryptotogrowwhileensuringtheyareadequatelyregulated.Thoughthemessagewasvague,itmarkedthefirstpublicstancefromHarris’camponthematter.
ThiscarefuldancebecamemoreapparentwhenHarrisrecentlyintroducedher“OpportunityAgenda”,abroadereconomicplanaimedatimprovingfinancialinclusion.
Onekeyaspectofthisagendaistheprotectionofcryptoinvestors,particularlyBlackAmericans,ademographicwhereover20%ownorhaveowneddigitalassets.
Harrishaspromisedtobuildaregulatoryframeworktoensurethatthebenefitsofcryptocanbeenjoyedsafelywithouttherisksoffraud,volatility,ormarketmanipulation.
However,whileHarrishasstartedlayingoutherviewsonpaper,herdirectengagementwiththecryptocommunityhasbeenrockyatbest.
Avirtualtownhallhostedbythe‘CryptoForHarris’campaignwassupposedtobeamomenttorallysupportfromthedigitalassetspace,buttheeventfellflat.
LackinginteractionandwithHarrisherselfnotablyabsent,thetownhallleftprominentfigureslikeTylerWinklevossandJakeBrukhmanfrustrated.
Winklevosswentasfarastocallita“clownshow,”whileBrukhmancriticizedtheformatforfailingtocapturetheessenceofatownhall—engagementanddialogue.
Theevent,instead,reliedonpre-recordedspeechesfrompoliticalallieslikeSenatorsGillibrandandSchiff,makingitfeelmorelikealecturethanaconversation.
Despitethemisstep,SenateMajorityLeaderChuckSchumer,amajorDemocraticfigure,didhisbesttofillthegap,emergingasasurpriseallyforcrypto.Schumerpromisedthatcryptois“heretostaynomatterwhat”andpledgedtopushforsensibleregulationbeforetheendoftheyear.
Interestingly,Harris’campaignhasalsoreceivedquietsupportfromnotablecryptofigures.ChrisLarsen,theco-founderofRipple(XRP),hasdonatedover$1millioninXRPtoHarris’campaign,expressingconfidencethatshewouldbringa“morepragmaticapproachandclearrules”tothecryptoindustry—somethinghebelievesismissingunderthecurrentadministrationledbySECChairmanGensler.
WhileHarrishasn’tgoneasfarasTrumpinembracingcrypto,she’salsomadesubtlemovestodistanceherselffromthemoreanti-cryptovoiceswithintheDemocraticParty,suchasSenatorElizabethWarren.
HercautiousapproachmightnotgeneratestandingovationslikeTrump’spromisestofireGenslerorcreateaBitcoinreserve,butitoffersapathforcryptothatleanstowardstabilityandinvestorprotection—appealingtovoterswhoseekprogresswithoutthechaos.
Whataretheodds?
Asthe2024presidentialraceintensifies,theoddsofeachcandidatewinninghaveshifteddramaticallyinthepastfewdays,andthecryptomarket’sbullishsentimentmightbeplayingarole.
AccordingtoapopularbettingcontestonPolymarket,whichhasattractedover$2.06billioninbets,Trumpcurrentlyholdsa60.1%chanceofvictory,comparedtoHarris’39.8%.
Thisisastarkcontrasttojustafewweeksagowhenthetwowereneckandneckatnearly50%each.Infact,inmid-September,Harriswasleadingwitha52%edgeoverTrump’s46%.
Alothaschangedinthepastfewdays,particularlyinthecryptomarket.Thenewfoundbullishnessindigitalassets,particularlyBitcoin,seemstobeinfluencingvotersentiment.
AsofOct.18,Bitcoinistradingjustshyof$70,000,hoveringaround$68,700,itshighestlevelsinmonths,reflectingthegrowingimpactofthecryptomarketonpoliticaloutcomes.
AsweheadclosertoElectionDay,thetidescouldshiftagain,dependingontheperformanceofthecryptomarketandanylast-minutedevelopmentsfrombothcampaigns.ThecomingdayswillbecriticalindefiningboththeraceandthefutureofcryptopolicyintheU.S.
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